Long before he danced with the stars, then-House Majority Leader Tom DeLay two-stepped all over fellow Texas Rep. Ron Paul's hopes of overseeing the Federal Reserve, according to an account provided by House Financial Services Committee Chairman Barney Frank .

In a broader interview with my colleagues Phil Mattingly and Benton Ives, Frank offered this assessment of how DeLay and other GOP leaders tiptoed around giving Paul -- who wants to abolish the Fed -- the gavel of the subcommittee with jurisdiction over it:

"In 2003, Ron Paul was in line to be chairman of the Domestic Monetary Policy Subcommittee of this committee. Specifically and solely to frustrate Ron from being the chairman, they merged the Subcommittee on Domestic Monetary Policy with the Subcommittee on International Monetary Policy. Ron Paul then complained to Tom DeLay, and Tom DeLay told [then-Chairman Mike] Oxley [R-Ohio] 'Don't change it' ... [T]wo years later, even though they merged the two subcommittees in the progression, Ron was then again ready to be chairman, this time of the combined one. [Then-Rep. Deborah] Pryce [R-Ohio] was dragooned to come back and assert a subcommittee chairmanship ... Ron at that point said to me, 'I guess I have to wait for you to be chairman for me to have any authority around here.' The Republican Party was a staunch defender of the Fed against Ron Paul."
Paul and Frank share an interest in auditing the Fed, though neither Frank nor any other member of the House has signed onto Paul's bill to repeal the Federal Reserve Act.

The general outlines of Frank's account -- though not DeLay's hand -- were confirmed by Republican sources. Paul said he didn't recall DeLay's involvement, but he acknowledged Republican leaders didn't want him to have the subcommittee chairmanship.

"They just got rid of one" subcommittee, Paul said of the first time he was passed over. "They wouldn't have enjoyed me being chairman."

But Paul has a defender in the current top Republican on the Financial Services Committee, Rep. Spencer Bachus of Alabama, who appointed him to the leading spot on the subcommittee with Republicans in the minority.

"There are people who said 'Is this the best thing to do?' I felt like it was," Bachus said. "I'm glad I appointed him. I have no regret."

bucfish

09-23-2009, 05:50 PM

Bachus needs to have a bunch of thank you letters and calls.

Bruno

09-23-2009, 07:02 PM

Bachus needs to have a bunch of thank you letters and calls.

+1207

It is likely things would have been different and HR1207 not had the steam it did without the appointment.

Kasey1

09-23-2009, 09:00 PM

Ahhhhhhhhhhhh,I just think so
http://www.photosnag.com/img/4673/n09x0302vnsn/clear.gif